The coronavirus pandemic has been bad news for commercialmortgage-backed securities as $21 billion of CMBS loans has beentransferred to special servicing since mid-March, or more thandouble the value for all of last year.
Special services took in 439 CMBS loans during March, April andMay, according to a report by credit rating agency FitchRatings. That's fewer than the 674 CMBS loans that went tospecial servicing last year but with a much higher value than lastyear's $9 billion.
Transfers to special services were highest in April and thenwent down in May to levels less than those in March.
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